Petrobras CRI Meets Investors

Petrobras CRI Meets Investors

October 15, 2013

Petrobras has started marketing a BRL500m ($228m) Certificados de Recibiveis Imobiliarios (CRI) securitization, according to regulatory documents. The sale includes a 2025 tranche expected to pay an interest rate equal to that of the NTN-B bond at the time of pricing plus up to 30bp, a 2028 tranche paying NTN-B plus up to 40bp and a 2031 tranche offering the NTN-B plus up to 50bp. The underlying assets are leasing contracts for the future administrative headquarters in the cities of Santos and Vitoria, as well as for a laboratory to be built in Macae. Bookbuilding should begin November 11, with the result by December 6. Brazilian Securities is the securitization agent. The underwriters have guaranteed placement of 50% of the sale, and the transaction may be upsized by as much as 15%. Santander and BTG Pactual are managing the transaction, rated AAA on a national scale, that had been initially attempted earlier this year, before being postponed.

Petrobras has started marketing a BRL500m ($228m) Certificados de Recibiveis Imobiliarios (CRI) securitization, according to regulatory documents. The sale includes a 2025 tranche expected to pay an interest rate equal to that of the NTN-B bond at the time of pricing plus up to 30bp, a 2028 tranche paying NTN-B plus up to 40bp and a 2031 tranche offering the NTN-B plus up to 50bp. The underlying assets are leasing contracts for the future administrative headquarters in the cities of Santos and V